Accounting - sfsmancon

Project Accounting

Its crucial for the success of any construction venture to create a Project Cost Plan. To make sure that the project has been properly costed and ready for shovels in the ground. The Cost Plan is the basis of all the work that follows.

If however, there is nobody controlling the ongoing operation, problems could arise. Costs can very quickly get out of hand if matters are left to their own devices.

All of our accounting tools work in unity with our Cost Plan system. They have been designed by us to produce fiscal reports. Letting you know where you are in the project finances at any given time.

SFS Management Contracting would control the whole process. We would set up a dedicated Cashbook, Account Control System, Time sheets, and Work Valuations.

We would set up monthly accounts at various suppliers on your behalf. This enables us to purchase materials with a minimum of fuss, which as a bonus, improves the cash flow and progress of the project. Just in case there are funding issues or borrowing constraints.

Lenders can be a little inflexible regarding their funds release procedures, tying them to outdated construction methods and progress payments.

Paying the bills on time is essential to maintain the relationships with both suppliers and contractors. So funds need to be in place when required.

There are several ways of doing this. Clients can either set up their own banking and pay all bills when due and when requested by us, or they can leave the whole thing to us.

This is easily achieved by Clients setting up a separate dedicated project bank account with an online provider such as Starling or Chase Banks. We would be signatories to that account, which allows us efficient access to funds. This enables us to make material purchases and pay the sub-contractors when bills are due. It also allows us to grab special deals when they become available.

The online status of that account is always fully visible to you, for checking at any time you wish. All that we ask is that the account is kept topped up with the correct amount of funds, to enable us to work efficiently on your behalf. The continually updated cashflow forecast section of the Gantt Chart programme control helps with this.

We fully understand concerns about handing over control of this process. However, efficiency in financial control is critical to the smooth operation of the project, and besides, the level of funding in that account is entirely under your control.

The following is a PowerPoint presentation of the Cost Control procedure. We take the previously produced Cost Plan created by collating all the fiscal information from the Schedules of Work. We update the Project Cost Plan with any changes, either variations or client instructed additions. Together with the figures from the project cash book, it provides us with constantly updated monetary reports.

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Our Pledge to You

To manage your project with a professional and non-partisan approach.

Work in partnership to gain the best from the Building Experience.

Assist you to finish up with the most cost effective project.